Carl Ledbetter - 17 Nov 2025 Form 4 Insider Report for Cloudflare, Inc. (NET)

Role
Director
Signature
/s/ Lindsey Cochran, by power of attorney
Issuer symbol
NET
Transactions as of
17 Nov 2025
Net transactions value
-$3,119,400
Form type
4
Filing time
17 Nov 2025, 18:25:29 UTC
Previous filing
20 Oct 2025
Next filing
30 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Ledbetter Carl Director C/O CLOUDFLARE, INC., 101 TOWNSEND STREET, SAN FRANCISCO /s/ Lindsey Cochran, by power of attorney 17 Nov 2025 0001366574

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NET Class A Common Stock Sale $1,753,800 -8,460 -0.85% $207.30 989,613 17 Nov 2025 See footnote F1, F2, F3
transaction NET Class A Common Stock Sale $841,726 -4,041 -0.41% $208.30 985,572 17 Nov 2025 See footnote F1, F3, F4
transaction NET Class A Common Stock Sale $438,609 -2,095 -0.21% $209.36 983,477 17 Nov 2025 See footnote F1, F3, F5
transaction NET Class A Common Stock Sale $84,418 -400 -0.04% $211.04 983,077 17 Nov 2025 See footnote F1, F3, F6
transaction NET Class A Common Stock Sale $847 -4 -0% $211.87 983,073 17 Nov 2025 See footnote F1, F3, F7
holding NET Class A Common Stock 19,599 17 Nov 2025 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 14, 2025.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.99 to $207.98, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (4) through (7) to this Form 4.
F3 The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $208.00 to $208.72, inclusive.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $209.00 to $209.69, inclusive.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.77 to $211.31, inclusive.
F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $211.82 to $211.89, inclusive.